Contemporary Management -Summary

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Summary of Contemporary Management
Lecture 1: Contemporary Organization "The Need for adaptation in an Organizations" Change as a survival tactic -- if the organization does not keep pace the changing technology, consumer demands, and effective business processes, they will lose their competitive edge. Learning organizations are organizations that acquiring and applying knowledge to help cope with and adapt to change. Change can be planed like changes in products /services, change in size /structure or change in technology and also change can be unplanned like government regulations, economic competition or performance gaps. Even learning organizations have developed the meaning of change to reach the cotemporary organization culture where organization can adapt in different situations, that approach aims to achieving an optimum performance in the long term by developing the skills and competencies of the employees on a continuous basis. Competency based management systems are primarily employee centric performance management systems and focuses upon how an organization achieves a desired performance by aligning competencies within the performance management framework. Lecture 2: Environment impact on organizational corporate culture Organization environment consists of both external and internal factors including all its shareholders and the degree of uncertainty in its external environment impact the level of change creating its culture where level of solidarity or sociability occurs. Environment must be scanned so as to determine development and forecasts of factors that will influence organizational success. Environmental scanning refers to possession and utilization of information about occasions, patterns, trends, and relationships within an organization’s internal and external environment. It helps the managers to decide the future path of the organization. There are rapid changes in the external environment; information from external environment adds crucial elements to the effectiveness of long-term plans. As environment is dynamic, it becomes essential to identify competitors' moves and actions. Organizations have also to update the core competencies and internal environment as per external environment. Environmental factors are infinite, hence, organization should be agile and vigil to accept and adjust to the environmental changes. Scanning must identify the threats and opportunities existing in the environment. While strategy formulation, an organization must take advantage of the opportunities and minimize the threats. A threat for one organization may be an opportunity for another. Lecture 3: Planning and Contemporary Strategic Management

SWOT Analysis is the most renowned tool for audit and analysis of the overall strategic position of the business and its environment. Its key purpose is to identify the strategies that will create a firm specific business model that will best align an organization’s resources and capabilities to the requirements of the environment in which the firm operates. It views all positive and negative factors inside and outside the firm that affect the success. A consistent study of the environment in which the firm operates helps in forecasting/predicting the changing trends and also helps in including them in the decision-making process of the organization. Planning is a detailed programme regarding future courses of action to be followed. It is rightly said “Well plan is half done”. Therefore planning takes into consideration available & prospective human and physical resources of the organization so as to get effective co-ordination, contribution & perfect adjustment. Planning facilitates management by objective (MBO), minimizes uncertainties, facilitates coordination, improves employees' moral, facilitates controlling through standards, provide competitive edge, and encourage innovation. Planning is goal-oriented, looking ahead, a continuous process, involves...
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